Synthomer sets initial talk on €350 million five-year notes at 7½%-7¾%; pricing Thursday

By Paul A. Harris

Portland, Ore., April 10 – Synthomer plc gave initial price talk on its €350 million offering of five-year senior notes (B1/BB-) at 7½% to 7¾%, according to market sources.

The deal is expected to price on Thursday.

The Rule 144A and Regulation S notes come with two years of call protection.

Joint global coordinator and joint physical bookrunner HSBC will bill and deliver. Citigroup and Goldman Sachs are also joint global coordinators and joint physical bookrunners. Commerzbank and Santander are joint global coordinators and joint bookrunners. JPMorgan is a joint bookrunner.

The Essex, U.K.-based supplier of high-performance polymers plans to use the proceeds plus balance sheet cash to fund a concurrent tender offer for certain of its 3 7/8% senior notes due 2025.

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